This is how I budget my student finance and money throughout university. School and sixth form teach you how to generate calculate how many watermelon's Jim has after Jenny ate 43 and a half but they don't teach you things you actually need in life. Like budgeting effectively and realistically.
Here's what I do hopefully it'll help you not get into your overdraft and more debt. I take my student finance after finding out how much there is for example say I get £6,220 a year. Then I look at the break downs for the year so say I get £2073 a term. I then work out my accomodation total so £72 x 36 weeks (Check how many weeks your contact is and how much it is weekly. If you're in a house it'll be a 52 week contract but check for summer rent). So £72 a week times 36 = £2,592. I'll set up a payment plan to pay it every term when my loan comes in. Just so I don't go out spending loads of money thinking I've got a lot to blow when my rent hasn't yet gone out. So until your accomodation has been taken out. DO NOT GO SHOPPING. So £2,592 divided by 3 terms = £864 a term. So back to my student finance getting £2073 a term I now need to deduct £864 from that and I'm left with £1,209 to spend for the term. I then look at how many weeks are in a term roughly 12 and I divide the £1,209 by 12 and that equals what I can spend weekly. £100.75 a week to spend. I roughly spend £25 a week on food so take that away and I've got £75.75 a week for transport, books, nights out and shopping or food out.
I'm crap at maths but if I can work out this budget and it works for me, I'm sure you can. Just stick to it,
Hope this helps,
No comments:
Post a Comment